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Tag Archives: Budget

Are you overwhelmed by the loan process?


Are you overwhelmed by how to research and find a good lender or how to compare the rates and fees?

Confused by what the broker says?

Wondering if your quote is competitive or who to trust?

I’m the Mortgage Fee Coach. I help you, the borrower, find the best quality lender and the lowest rates & fees.

If you have a quote(s) from a lender(s), I help you compare it with other lenders.

Don’t have a lender? I provide suggestions.

If I find you a better quote, than I will provide the lender information.

I only get paid when I save you money and I receive nothing from any lender!

My average client has saved over $10,000 because I helped them either negotiate a better rate and fees with their current lender or directed them to a better lender.

You will have peace of mind that you received the best possible loan.

Call now to learn how I can save you $$$$, 949-484-6322

(Copyright 2013 Mortgage Fee Coach, Inc. All rights reserved. This posting or any portion hereof may not be reprinted, sold or redistributed without the written consent of Dan Stone).

 

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Searching for the right mortgage lender? Watch a “Priceless” client testimonial


Are you overwhelmed by the loan process? Wondering who to trust? Confused how to find the lowest mortgage rates and fees? Unsure how to compare it all? Would you like a personal shopper to do it all for you, at virtually no cost?

Watch this video to learn more about how I can save you $1,000’s, which includes a clients’ “priceless” testimonial experience.

I compare many different lenders rates and fees for you. I help you shop for the best deal between many types of lenders. I also research the quality of each lender and loan officer, their Better Business Bureau rating and many other social media websites for you. Having 24 years experience in mortgage banking, I provide the information in a simple and easy to understand format so you can make a better informed decisions about which lender to apply for a loan. Best of all, I only get paid by you when I save you $. I saved a recent client over $1,800 more than the lender they were going to choose. Call now for a free consultation and I’ll show you how.

Description of Mortgage Fee Coach services:
– helping borrowers compare & negotiating lower rates and fees on home mortgage loans
– compare the quality of mortgage lenders
– client testimonial, saved them over $1,800 on their loan
– providing clients peace of mind through the process by an impartial mortgage professional
– services are virtually free, because I’m paid 20% commission on the amount I save you.  If I don’t save you $$$$, then there is no cost to you.

 

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Want to improve your odds of buying a home? 7 steps to a mortgage loan pre-approval


If you are considering buying a home and are not paying cash as many investors or foreign buyers are doing lately, it helps to level the playing field. Nowadays, sellers are deciding quickly on which offers to consider. If you have a pre-approval attached to your offer, it is much more likely to be considered. Follow these 6 steps to improve your chances of buying your dream home.

  1. Begin by preparing your information. Gather statements of current income, including last 2 months of paystubs, last personal federal tax return, W2’s, 2 months bank statements for all borrowers and assets information. Also gather your employment history, usually last 2 years of consistent employment. If self-employed, be prepared to prove your income and projected income sustainability.
  2. Do you know your credit score? Maybe you think you do by accessing your free annual credit report, but those reports are not the same as reports accessed by banks & lenders. For now, I suggest requesting each borrowers free annual credit report, as it is better to know any credit score and potential derogatory information. Begin resolving issues ASAP & look at my blog post How to save $100’s to $1,000’s: 11 tips to manage your credit score.
  3. Research many lenders, click here for my blog post. Do you know the loan program you need? Did you know there are many down-payment assistance programs to help 1st time homebuyers? Cities and states also offer down-payment and assistance programs. Do these lenders have experience with these programs? Find a lender that has the program that best fits your needs. I suggest asking an impartial person, such as the Mortgage Fee Coach, if the lender is right for you. This is one of the areas I bring the most value.
  4. After finding the right lenders, request rate and fee quotes from each of them. You will be surprised at home much their rates and fees differ. If using the Mortgage Fee Coach services, rates and fees will be compared for you in an plain format, so the least expensive option is clear. The Mortgage Fee Coach will clearly save you money in this area.
  5. After finding the best lender, complete an application, provide copies of the required documentation, and keep the originals. Ask how long they require for pre-approval?

    Be aware, due to the new government regulations, you will have to prove beyond a reasonable doubt that you have the ability to repay the loan. The underwriter will review all the information, including verifying current income and historical income from two years of consistent past employment.

  6. Keep in contact with the lender every 3-4 days, until your loan is approved. The Loan Officer should help you feel at ease and the process is moving forward timely. They may also need additional information. Provide it as quickly as possible.
  7. Become pre-approved for the mortgage loan. Know the maximum loan amount for which you qualify. Pre-approvals may be valid up to 120 days, but the lender may ask for updated paystubs and other information after 60-90 days.

Finally, take the time to build a quality relationship with your lender as early in the process as possible. The earlier you start the loan approval process, build the down payment and cash reserves, resolve credit issues and document required income, the sooner you will be able to buy your home and live the American Dream.

 

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How to save $100’s to $1,000’s: 11 tips to manage your credit score



Credit scores have become one of the most important factors in today’s financial environment. Credit impacts: the amount you can borrow; if businesses will lend you money; how much it will cost you to borrow that money; the cost of homeowners and car insurance; and it may even affect your ability to become employed. For example, in conventional mortgage lending, these fees may range from 0 to 3.25% of the loan amount. So, for a $200,000 loan amount at 3.25%, the fee would be $6,500. Good credit means freedom to choose lenders, lower fees, multiple credit card offers and lower insurance rates and fees. Maintaining your credit rating is also very important. If your credit score drops, businesses may increase fees or close credit lines. Either way, everyone should be spending time using the techniques below to manage their credit.

Ways to manage your credit score:

  1. Pay all bills on time and before the due date. The best way to consistently help your credit score is to pay all your bills on time. Paying bills, such as utilities, credit cards, etc. by the due date may be difficult, but it is extremely important and is a great indicator that other more important credit payments will be made on-time. Cash flow can be challenging, but planning ahead and setting aside money to pay the bills will help you manage this and avoid costly late payment fees and finance charges.
  2. Keep balances low by paying off as much of the balance as possible. The second best way to improve your credit rating is to keep balances low compared to the credit limit, also known as your utilization rate. In general, if your monthly balance is 30% or less of the limit, it looks more favorable to the credit agencies.
  3. Keep old unused credit accounts open, if they have a positive history. This decreases the utilization rate, also known as balance to limit ratio. Even though you may not be using the account(s), holding it open keeps your credit score higher.
  4. Multiple credit cards with balances is good.  Contrary to belief, people with high credit scores are not debt-free.  But, they manage their accounts responsibly, even if they have had mistakes at times. Per a recent FICO report, “they hold an average of seven credit cards, four with balances. The average account is 11 years old, the oldest credit account on file was opened an average of 25 years prior, and the most recent credit account is an average of 28 months old. Some 58% of high achievers did not open an account in the prior year, and 26% opened only one new account.”
  5. SPECIAL TRICK – Paying off as much of the balance before the statement closing date. If possible, five days before each credit card closing date, payoff as much of the balance as possible. When the balance is reported to the three credit agencies(Experian, Transunion and Equifax), it will be lower than the amount you actually spent and thereby lowering the utilization rate.
  6. Request a current credit report and dispute inaccurate information. It may take months for items to be removed from the report, so immediately dispute, keep meticulous notes and keep checking to confirm it was removed. It may be worthwhile to pay for a new credit report every couple months in this case.
  7. Avoid applying for credit too often. If you plan to buy a car or home, multiple inquiries in a 30 day period will be counted as 1 inquiry by the credit bureaus. Each time you apply for a credit card or loan, the creditor requests a current report from one of many reporting companies.  They then review your credit score, payment history, balances, etc. These inquiries remain on your report for up to two years, the credit score will probably be lower, will look damaging for the first year, and alert potential lenders of possible lending risks, whether it exists or not. After you have purchased your home or bought a car, at a time when a drop in your credit score matters less, then apply for a new credit card(s). Or, apply for new credit after 6 months, so as not to adversely impact your score.
  8. Explore all options and resources before bankruptcy or foreclosure. These are devastating to your credit score. Reach out to creditors to negotiate better rates or terms or ask for temporary reduced payments or loan modification, etc.
  9. Pay by cash, debit card or check when possible. Even though you have credit cards and other loans, it looks much better to the credit bureaus and lenders if you do not need to use them.
  10. Getting married? Since the divorce rate is 50%+, you might consider adding your spouse as an authorized user or as an additional cardholder. If you separate or get a divorce, it will be easier to remove the spouse, without requiring to close the account and keeping your score higher.
  11. Be careful co-signing on a loan. Avoid co-signing on another person’s loan, as it may lead to missed payments or default. Lending money to relatives can be very risky. Unless you are prepared to help make the payments if the primary borrower can’t, then be very careful.

Managing your credit takes time and effort, but the rewards are lower expense and financial freedom.

 
 

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